Posted on 19/07/08
Zentiva rejects bid by Sanofi as too low
Zentiva NV rejected as too low French drug maker Sanofi-Aventis SA's $2.02-billion (U.S.) offer for the shares of the Czech generic drug maker that it doesn't already own. The bid, made last week, doesn't value Zentiva's improving operations or the potential of its Eastern European markets, the company said yesterday. Sanofi already owns a 24.9-per-cent stake and published its 1,050 koruna ($73.06 Canadian) a share bid on July 11, valuing the company at 40 billion koruna. PPF Group NV, the Czech Republic's biggest closely held financial group, is offering 950 koruna a share. ZEN (Prague) fell 2.8 koruna to 1,124 koruna. SAN (Paris) rose €1.09 to €45.69 ($72.80).
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